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Indian economy: India becomes the fifth largest economy, surpasses the United Kingdom and France: Report | India Business News

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NEW DELHI: India emerged as the fifth largest economy in the world by beating the United Kingdom and France in 2019, says a report.

A group of experts based in the United States, World Population Review in its report, said that India is becoming an open market economy from its previous autarkic policies.

“The economy of India is the fifth largest in the world with a GDP of $ 2.94 billion, surpassing the United Kingdom and France in 2019 to take fifth place,” he said.

The size of the UK economy is $ 2.83 billion and that of France is $ 2.71 billion.

The report also said that in terms of purchasing power parity (PPP), India’s GDP (PPP) is $ 10.51 billion, surpassing that of Japan and Germany. Because of India’s high population, India’s per capita GDP is $ 2,170 (by comparison, the United States is $ 62,794).

However, it is said that India’s real GDP growth is expected to weaken for the third consecutive year from 7.5 percent to 5 percent.

The report noted that India’s economic liberalization began in the early 1990s and included industrial deregulation, reduced control over foreign trade and investment, and the privatization of state enterprises.

“These measures have helped India accelerate economic growth,” he said.

India’s services sector is the fastest growing sector in the world that accounts for 60 percent of the economy and 28 percent of employment, according to the report, adding that manufacturing and agriculture are two other important sectors. of the economy.

World Population Review, based in the United States, is an independent organization without any political affiliation.

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